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Brother Bought The House

  Dear Edith: My mother recently passed away and we have sold her house to my brother. My brothers, sisters and I have received a check for our share. Do we own income tax on this money?
 
 

If you inherited the house, you received a "stepped-up" cost basis, value at the time of death. Assuming you sold for approximately the same amount, you have no taxable capital gain

 

 

    Edith
Originally published on December 26, 2005
 
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